The Chief Executive of Kerry Group Stan McCarthy has stepped down as CEO of Kerry Co-Op.
Kerry Co-Op is a shareholder of Kerry Group and has 13.7 per cent of the shares in the multibillion euro global company, which is worth 1.8 billion euro.
Kerry Group PLC itself is worth around 14 billion euro.
A dispute over payments for milk suppliers for last year between Kerry Co-Op and Kerry Group has gone to mediation and that process is continuing.
Director of Corporate Affairs with Kerry Group Frank Hayes says Kerry Group and Stan McCarthy continue to have a commitment to milk suppliers and shareholders and to be available to them:
Meanwhile, the Chair of the Kerry branch of the IFA Sean Brosnan believes Stan McCarthy stepping down as CEO of Kerry Co-Op is related to the ongoing dispute over milk payments.
Kerry Group says it is aware of the very difficult period in which dairy farmers are operating.
Mr Brosnan says being both CEO of Kerry Group and Kerry Co-Op would be untenable for Stan McCarthy given the row has now gone to mediation: